Bharti Airtel gets $2.5 bn funding nod from Chinese banks

Sat, May 16, 2015, 01:29 PM

New Delhi, May 16: Bharti Airtel on Saturday said it has received financing commitment of up to $2.5 billion from two Chinese banks to primarily diversify its global portfolio and invest in the growth of data networks across its operations that now span 20 countries.

Subject to final agreements and requisite approvals, Bharti Airtel can draw the funds from China Development Bank and Industrial and Commercial Bank of China over a long term, depending on its financing requirements.

"This is the single largest bilateral commitment by China Development Bank to any telecom firm globally and the largest bilateral commitment to a private Indian company," Bharti Airtel said, after the pact was signed in Beijing, coinciding with Prime Minister Narendra Modi's visit.

"Industrial and Commercial Bank of China has committed $500 million with an average life of about nine years, making it the largest and longest bilateral commitment to an Indian telecom operator."